Zurn Elkay Water Solutions Cor (NYSE:ZWS) Announces Earnings Results

Zurn Elkay Water Solutions Cor (NYSE:ZWS) issued its quarterly earnings results on Tuesday. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03, FiscalAI reports. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.The firm had revenue of $491.00 million during the quarter, compared to the consensus estimate of $483.09 million. During the same period last year, the business posted $0.42 EPS. The business’s revenue was up 10.5% compared to the same quarter last year.

Zurn Elkay Water Solutions Cor Stock Up 0.8%

Zurn Elkay Water Solutions Cor stock opened at $49.16 on Wednesday. The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of 39.65, a price-to-earnings-growth ratio of 1.93 and a beta of 1.04. The firm’s fifty day moving average price is $48.34 and its two-hundred day moving average price is $48.31. Zurn Elkay Water Solutions Cor has a 1-year low of $37.90 and a 1-year high of $53.76. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is presently 35.48%.

Institutional Investors Weigh In On Zurn Elkay Water Solutions Cor

A number of institutional investors and hedge funds have recently made changes to their positions in ZWS. First Trust Advisors LP boosted its stake in Zurn Elkay Water Solutions Cor by 51.9% during the 4th quarter. First Trust Advisors LP now owns 3,303,735 shares of the company’s stock valued at $153,591,000 after purchasing an additional 1,128,917 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Zurn Elkay Water Solutions Cor by 78.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 906,884 shares of the company’s stock worth $42,161,000 after purchasing an additional 399,180 shares during the last quarter. UBS Group AG raised its stake in shares of Zurn Elkay Water Solutions Cor by 157.0% in the third quarter. UBS Group AG now owns 479,166 shares of the company’s stock worth $22,535,000 after purchasing an additional 292,747 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 18,251.2% in the fourth quarter. Federated Hermes Inc. now owns 280,223 shares of the company’s stock valued at $13,028,000 after purchasing an additional 278,696 shares in the last quarter. Finally, Oberweis Asset Management Inc. purchased a new stake in Zurn Elkay Water Solutions Cor in the 3rd quarter valued at $12,510,000. Institutional investors and hedge funds own 83.33% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on ZWS. Weiss Ratings restated a “buy (b)” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Friday. Barclays initiated coverage on Zurn Elkay Water Solutions Cor in a research note on Tuesday, June 30th. They issued an “overweight” rating and a $59.00 price target on the stock. Stifel Nicolaus cut their price target on Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Royal Bank Of Canada lifted their price objective on shares of Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a “sector perform” rating in a research note on Thursday, April 23rd. Finally, Robert W. Baird cut their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, April 23rd. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Zurn Elkay Water Solutions Cor has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Zurn Elkay Water Solutions Cor Company Profile

Zurn Elkay Water Solutions Corp, trading on the NYSE under the ticker ZWS, is a global provider of water delivery and plumbing products. The company was established in October 2022 through a spin-off from Rexnord Corp, creating a standalone business focused on designing, manufacturing and marketing water system components for residential, commercial and industrial customers.

Through its Zurn segment, the company offers solutions for water delivery, drainage and waste evacuation. Product lines include valves, hydrants, backflow prevention devices, piping systems, fittings and commercial waste stations.